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The Parkway Lofts - - SOLD
Bloomfield, NJ

Construction commenced in late 2011 for The Parkway Lofts, a signature multi-family adaptive reuse project. The General Electric Company in 1897 built the landmark, six-story warehouse that Prism is redeveloping into 361 loft-style apartments. The firm also is building a three-level parking facility during Phase I of the project. Upon completion, the property will be transformed into a distinctive, high-density residential village also featuring approximately 170 for-sale townhomes, a clubhouse and other lifestyle amenities, to be built as part of Phase II. Prism Construction Services, LLC, a wholly owned affiliate of Prism, is serving in its capacity as Construction Manager for the $60 million conversion/renovation of the building.

Prism purchased the Parkway Lofts site in 2005, identifying the opportunity to convert it to multifamily, using the existing building's 17-foot floor-to-floor ceiling heights and heavy floor loads to add a penthouse level and a new intermediate second floor. The plan preserves many original architectural features of the building, including 14-foot tall quilt-panel windows that accentuate breathtaking views of New York City to the east and the Watchung Mountains to the west.

In addition to the countless considerations involved in adaptive reuse of older properties-from re-zoning, to sustainability and design-Prism successfully worked through a number of complexities to make The Parkway Lofts a reality. This included relocating tenants (Prism even purchased an industrial property to accommodate one company's needs) and securing construction financing in a challenging market.

Located on the Garden State Parkway with extraordinary visibility, The Parkway Lofts will provide residents with immediate access to the GSP as well as high-speed rail service to New York City via the Watsessing Avenue Rail Station, located less than 100 yards from the development. The Parkway Lofts project represents not only a major transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood.